Davis Selected Advisers Buys 31,534 Shares of State Street Corporation $STT

Davis Selected Advisers boosted its position in shares of State Street Corporation (NYSE:STT) by 43.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 103,785 shares of the asset manager’s stock after buying an additional 31,534 shares during the quarter. Davis Selected Advisers’ holdings in State Street were worth $12,040,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of STT. True Wealth Design LLC boosted its holdings in State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares during the last quarter. JPL Wealth Management LLC acquired a new position in State Street during the 3rd quarter valued at about $29,000. Flagship Wealth Advisors LLC acquired a new position in State Street during the 3rd quarter valued at about $35,000. Measured Wealth Private Client Group LLC bought a new position in shares of State Street in the 3rd quarter valued at about $35,000. Finally, SJS Investment Consulting Inc. boosted its stake in shares of State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

State Street Stock Down 0.4%

Shares of NYSE STT opened at $121.11 on Thursday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a market cap of $33.76 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.06 and a beta of 1.43. The firm has a 50 day moving average price of $128.18 and a 200 day moving average price of $122.17.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same period last year, the firm posted $2.60 earnings per share. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. Analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 35.71%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on STT. Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Morgan Stanley cut their price target on State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.